Local Community Disagrees with EIU's Assessment on HK Business Environment

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Last updated at: (Beijing Time) Thursday, April 25, 2002

Local Community Disagrees with EIU's Assessment on HK Business Environment

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Hong Kong's business community and local media expressed disagreement on the assessment of Hong Kong's business environment by Economic Intelligence Unit (EIU) and said Hong Kong is still in fine prospects of business development.

In an editorial Thursday, Hong Kong's English newspaper iMail stressed Hong Kong still holds competitive position, saying, "Our economic fundamentals are still sound."

"Hong Kong still holds the upper hand in terms of lower tax rates," it added. "Hong Kong also holds the trump card -- its proximity to the mainland."

The benefit of increased opportunities brought by China's entryto the World Trade Organization is something other countries can only envy, the editorial noted, in response to the EIU's report that Singapore will overtake Hong Kong as Asia's best location in doing business.

South China Morning Post also published an editorial with the title of "Hong Kong Still Leads Way" and showed its disagreement on the EIU's ranking.

Eden Woon, director of Hong Kong General Chamber of Commerce, said the EIU report was flawed in ranking Singapore above Hong Kong.

"It is useful in bringing out some points that need to be addressed ... but in terms of an accurate analysis of the mutual positioning, especially the prospects, that's definitely not true," he noted.

Woon said Hong Kong was unlikely to lose any confidence over the findings and believed that any foreign investors would not be swayed by the survey.

Vicky Davies, director-general of Federation of Hong Kong Industries, said the report did not put enough emphasis on the SAR's proximity to the roaring Chinese economy when assessing the business environment.

"We have the biggest market in the world next to us," Davies said.

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